Insurance (Applications and Fees) Regulations (2026 Revision)

Status per the Cayman Islands legislation register (legislation.gov.ky) (as at 2026-07-09)

Summary

This is a consolidated 2026 Revision of the Insurance (Applications and Fees) Regulations, made under the Cayman Islands Insurance Act (Law 32 of 2010). It is a revised/consolidated text (incorporating 2013 and 2024 amendments) rather than new substantive legislation, and it sets out the prescribed forms for insurance licence applications and the fee schedule payable to the Cayman Islands Monetary Authority (CIMA).

Licence Application Forms

The Regulations require that applications for a licence under section 4 of the Insurance Act be made using the prescribed forms in Schedule 1, which cover several licence categories. These forms require detailed disclosure covering ownership and shareholders, key personnel, financial statements and standards, business plans, and (for Class A licensees) domestic policyholder protection arrangements such as trustees and trust agreements.

Class A insurer licences (external and locally incorporated)
Class B insurer licences
Class C insurer licences
Class D insurer licences
Insurance manager licences
Insurance broker licences
Insurance agent/agency licences

Fees and Related Provisions

Schedule 2 sets out the non-refundable application fees and annual fees payable by licensees and by persons registered under the Act who do not require a licence (e.g., portfolio insurance companies).

Reduced fees: Annual fees are reduced by 50% where a licensee/registered person has ceased carrying on insurance business other than to fulfil existing contractual obligations.
Reinstatement: The full fee is reinstated if new contracts are effected.
Pro-rated fees: Annual fees are pro-rated to one-twelfth where a licence or registration is granted in December.
Derivative contracts: Regulation 5 clarifies that certain derivative-type contracts (options, swaps, futures, forwards, contracts for differences, etc.) do not, by themselves, constitute carrying on insurance business.

Key obligations

Applicants for an insurance licence under section 4 of the Insurance Act must submit the application using the applicable form prescribed in Schedule 1, with all required accompanying information.
Applicants must provide supplementary information or clarification if requested by the Authority (CIMA).
Licensees must pay the prescribed non-refundable application fee set out in Schedule 1, Part 1 for their licence category.
Licensees must pay the prescribed annual fee set out in Schedule 2, Part 1 for their licence category.
Persons registered under the Act without requiring a licence must pay the prescribed application fee and annual fee set out in Schedule 2, Part 2.
A licensee or registered person that has ceased carrying on insurance business (other than winding down existing contractual obligations) may pay a reduced annual fee of 50%, but must pay the full annual fee immediately if new insurance contracts are effected during that year.
Where a Class A, B, C or D insurer licence is granted, or a person is registered, in the month of December, the annual fee payable for that year is one-twelfth of the standard annual fee.
Segregated portfolio companies applying for or holding a licence must pay an additional $1,000 application fee and $1,000 annual fee per segregated portfolio, in addition to the standard fees.

Applies to

Class A insurers, Class B insurers, Class C insurers, Class D insurers, insurance managers, insurance brokers, insurance agents/agencies, persons registered under the Insurance Act who do not require a licence (e.g., portfolio insurance companies), segregated portfolio companies

Insurance (Applications and Fees) Regulations (2026 Revision)

Summary

Licence Application Forms

Fees and Related Provisions

Key obligations

Applies to

Related documents

Topics

Version history

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